by Rebeca | May 5, 2022 | cybersecurity, soffid
Sooner or later every consumer ends up making online payments. Traditionally it was the banks that dominated the entire global payments industry. But as more fintech players and large technology firms join the industry, consumers now have more payment choices. But now consumers have more payment options, thanks to more fintech players and big tech companies joining the industry.
High public awareness of potential risks and threats associated with digital payment facilita la generación de informes de tales amenazas. Fraudsters are on the lookout for vulnerabilities they can use to access systems and steal data. Yet shoppers still need to be able to complete transactions using their preferred payment method and enjoy an efficient and frictionless experience when they pay.
To protect their customers and their businesses while still delivering a great checkout experience, merchants need to understand the best security practices online when accepting credit card payments and alternative payment methods.
Online payment security can be considered as providing rules, regulations, and security measures to protect customers’ privacy, data, and the money involved. In this digital era, every business, company needs to look out for every hazard, every problem that can be faced through cyber attacks, as it can occur as quickly as clicking on an email link.
What makes the industry attractive to cybercriminals is the slim chance of recovery due to the complexities involved behind a payment transaction, especially for cross-border transactions where no single regulatory body controls them.
Why do online payments need to be secure?
If a site gives a sense of poor security customers may fail to complete their payment – in fact – 58% of customers blame a failure to complete a payment on security concerns. Secure payments are therefore a key factor in improving buyer confidence and trust and increasing your conversion rate.
There are also certain compliance requirements you need to comply with to take online payments. So that you can make sure you and your customers are fully protected.
Use a trusted payments provider
You can take payments through a provider with a trusted name like PayPal or with FCA authorisation like GoCardless. Customers will then give their payment details over the provider’s secure site so you will never touch sensitive financial information. Using a trusted provider can also help customers feel more secure in handing over their personal data.
See how Soffid can help you stay ahead of the curve in a rapidly evolving digital world. Share your requirements and a representative will follow up to discuss how Soffid can help secure your organization.
Sources:
(1) Forbes
(2) gocardless
(3) Security Magazine
Picture: jannoon028 – www.freepik.es
by Rebeca | Apr 27, 2022 | cybersecurity, Resources, soffid
Security risk assessments are an important tool in your organization’s arsenal against cyber threats. Because they highlight areas of risk in your digital ecosystem. As well as informing and prioritizing mitigation strategies, and ensuring that hard-earned resources are allocated where they are needed most. Assessments can also help you assess your third parties to mitigate the very real possibility of them introducing unwanted risk to your organization.
Evaluating security risk is important for all companies. Most businesses carry sensitive information, ranging from employee data to customer details, this can be vital information to keep private. As a result evaluation prevents data loss. In addition to protecting the confidentiality of all parties involved and the assets of the company.
To successfully perform a vendor or internal security risk assessment, you need to combine automation with multiple tools. Which are based on data that provides a continuous and accurate picture of cybersecurity risk both internally and throughout your third-party ecosystem.
What is Security Risk Assessment?
The applications used in a company are the most exposed to security problems. Therefore, they must be studied and evaluated. Especially all those applications integrated in technologies and processes. By learning about these systems, companies can assess the risk that accompanies them. And use it to your advantage when looking for security information.
When the company maintains a high level of security, it is protected. Especially confidential information belonging to employees, companies, customers and partners. With these precautions, the risks of cyberattacks and data loss are avoided.
Despite the best efforts of your security teams, risk mitigation and remediation are often incomplete. Typically, this happens because you have an incomplete view of safety performance. Many organizations don’t have a clear idea of what systems, devices, and users are on their networks. This is why they do not have a way to efficiently identify, measure and monitor their risk profiles.
The digital transformation exacerbates the problem. As your organization’s digital footprint grows, identify vulnerable systems and assets. Identifying on-premises, cloud, and cross-business-unit facilities, geographies, remote locations, and third parties is not easy.
Security Risk Assessment Tools
Security risk assessment tools can range from physical security and ways to protect on-site data servers or digital tools such as network or server protection. To protect the data that may be compromised,backup processes. In addition to firewalls, antivirus programs.
See how Soffid can help you stay ahead of the curve in a rapidly evolving digital world. Share your requirements and a representative will follow up to discuss how Soffid can help secure your organization.
Sources:
(1) techfunnel.com
(2) IT Security
by Rebeca | Apr 13, 2022 | Customer, cybersecurity
Cyberattacks against the retail industry are an ongoing concern. There are a number of factors that make retail systems attractive targets for hackers. Fortunately, there are also effective safeguards against these attacks.
In an industry that has traditionally only seen crime in the form of shoplifting, online retail has become a favourite target among cyber criminals and has been one of the most attacked sectors this year.
Customer information has been perhaps the biggest target, including both details from card payments and general personal information. Retailers have access to a wealth of sensitive data about their customers, who use often-repeated login details for their accounts.
As businesses increase their use of cloud computing and third-party vendors, supply chains have also become a common attack surface full of vulnerable touchpoints, particularly as retailers can’t always guarantee that their suppliers have robust cyber security in please, or even take security as seriously.
Website attacks
Attacks on retail industry websites were notably higher than all other industries last year, and were characterized by more sporadic peaks in attacks.
Common website functionality like chatbots, payment services and web analytics are enabled by third-party JavaScript that executes on the client side. The functionality is a necessity for eCommerce, but is increasingly vulnerable to attack. Since many of the services operate outside of the security team’s control, it’s a blindspot for organizations and a potential fraud risk for consumers.
Scaling up quickly
In order to keep pace with consumer demand for buying online and, in some cases, to save businesses whose physical stores have suffered during the pandemic, many online shops opened or scaled up quickly. In many cases, this means they have not been implementing comprehensive cybersecurity solutions along the way. This fast scale-up or establishing of online presence also means that many retailers are relying on outside vendors for services like payment processing, shopping cart functions and other features. This makes retailers–and in turn their customers–vulnerable to supply chain attacks, when bad actors gain access to a service provider, then use that to target its subscribers and clients either directly or indirectly.
Retail Cybersecurity Statistics
Retailers have always been attractive targets for cyber attackers and data thieves. But now, cybersecurity issues in retail have become an even bigger concern. Consider these recent retail cybersecurity statistics:
- 24% of cyberattacks targeted retailers, more than any other industry (Trustwave)
- 34% of retailers said cybersecurity worries were their primary hindrance in moving to e-commerce (BDO)
- 34% also said that cyber attacks or privacy breaches were their most serious digital threat (BDO)
- Financial motives drove cyber attackers in 99% of retail cyber attacks (Verizon 2020)
- When data is compromised in an attack, 42% is payment information and 41% is personally identifiable data (Verizon 2020)
Common website functionality like chatbots, payment services and web analytics are enabled by third-party JavaScript that executes on the client side. The functionality is a necessity for eCommerce, but is increasingly vulnerable to attack. Since many of the services operate outside of the security team’s control, it’s a potential fraud risk for consumers.
See how Soffid can help you stay ahead of the curve in a rapidly evolving digital world, shall we talk?
Sources:
(1) helpnetsecurity.com
(2) ITPro
(3) Forbes
(4) finextra
Picture: Foto de mano con dinero creado por rawpixel.com – www.freepik.es
by Rebeca | Mar 16, 2022 | cybersecurity, News, soffid
Cyber resilience refers to the ability to protect electronic data and systems from cyberattacks. As well as to quickly resume business operations in the event of a successful attack. According to Statista, 37% of organisations globally became a victim to a ransomware attack in 2021. Additionally, 68.5% were victimised by ransomware – an increase on the previous three years.
Companies now must find intelligent ways of reducing digital footprints across cybersecurity quicksand to ensure their environments are secure. Cyberattacks are a serious threat to each of us. Because attackers could try to hack into a private computer or an organisation for economic gain or simply for demonstrative purposes. Generally their goals are simply to cause harm and disruption.
This threat has to be taken seriously by banks, financial institutions, and financial market infrastructures (such as payment or settlement systems). But cyberattacks are not only a threat to individual institutions. Given the high level of interconnectedness within the financial sector, they can also pose a threat to the stability of the overall financial ecosystem.
The Australian Securities & Investments Commission share some Cyber resilience good practices.
In an increasingly digitized world where cyberattacks are growing at an alarming rate, it is hard to imagine running a business without a comprehensive cyber resilience strategy. With the shift towards hybrid work, cyberattacks are an unfortunate reality for businesses of all shapes and sizes. Attacks leveraging social engineering and other techniques are increasingly effective, which means no organization is safe.
A solid program enables you to prepare for and effectively respond to and recover from such attacks. A cyber-resilient organization can protect its core business functions against cyberattacks and ensure business continuity during and after a disruptive incident.
Do We Need a Cyber Resilience strategy?
Cyber resilience is highly beneficial for your organization. By improving the overall security of the company, it is protected from serious harm such as financial loss, loss of sensitive data and cyber attacks. Additionally, it helps protect your brand reputation by enabling you to efficiently manage cyber risks. It helps improve your organization’s corporate culture and business processes, thereby reducing risk and enhancing security in the process.
A cyber resilience plan helps you comply with complex legal and regulatory requirements. This technique minimizes business interruptions and downtime. At the same time, it allows business operations to continue during and after an incident. When put into practice, any cyber resilience strategy must require a preventive measure. In this way, the effect of human errors, software vulnerabilities or incomplete or poorly executed configurations is prevented.
Therefore, the goal is to protect the organization. No matter how strong the security controls are, there will be insecure parts.
How Can Cyber Resilience Be Improved?
Here are four methods that you can use to strengthen your organization’s cyber resilience:
- Automation.
- Implement Stringent Security Protocols.
- Make Cyber Resilience a Part of Your Corporate Culture.
- Back Up Your Data.
Sources:
(1) asic.gov.au
(2) spanning.com
(3) itgovernance.eu
by Rebeca | Mar 9, 2022 | cybersecurity, Resources, soffid
Every company must face the new cybersecurity challenges and for this there is a new approach. “Developing a fully integrated strategic approach to cyber risk is fundamental to manufacturing value chains as they align with the operational technology (OT) and IT environments—the driving force behind Industry 4.0“, Deloitte said recently.
With the advent of Industry 4.0, threat vectors are expanding. That is why new risks must be considered and addressed. The main objective will be to implement a safe, vigilant and resilient cyber risk strategy. When supply chains, factories, customers, and operations are connected, the risks of cyber threats increase. The risks are enhanced and have a greater scope, he added.
Adopting new approaches and challenging conventional thinking is essential in an increasingly digitized world. “In terms of security, if we’re not moving forwards and developing, then we are effectively going backwards because our adversaries will definitely be moving forward,” commented Johnson (partnerships and outreach manager (digital and STEM), founder and director of Women in Cyber Wales)
Technology change has been beneficial to both organizations and its employees. The adoption of technological innovations by organizations has skyrocketed in recent decades. increase global spending on technology across all industries.
The adoption of new technologies brings many benefits to the company. At the same time it comes with risks and free threats. The new technology must fit perfectly into the business. If the right fit is not ensured the sustenance will be at large risk.
The adoption of new technologies to overcome cybersecurity challenges
New technology while adopting create internal conflict in an organization. They are such as managerial, Technological, sociological and economic related. There are several attributes of conflicts and they are usability, interoperability, common business views, agility, scalability, reliability, openness, manageability, infrastructure and security. Here Security assumes major role.
With data breaches continuing to pose a threat to any emerging technology, it’s critical to think about a good investment in cybersecurity. The increase in technology exists in any type of business, from health care, finance, manufacturing, services or any other. In order for these companies to be able to exploit them efficiently and prosper, they must put into practice cybersecurity policies and practices.
It is necessary to adequately analyze the security risks of the technology that will be implemented. In addition, before institutionalizing technologies, effective strategies must be implemented.
Why Security Standards Are Important
Conformance with established standards and best practices is essential for increasing the protection baseline in cybersecurity. Many organisations lack personnel experienced in the domain and, therefore, have a hard time adopting new approaches and techniques. Education is an important component, but in-depth knowledge is hard to transfer.
Thus, certification methodologies that distil certain best practices into structured, easy-to-apply guidelines have an important role in the proliferation of cybersecurity innovation.
The Evolution of Threat Hunting
Threat hunting continues to evolve for organizations that focus on proactively detecting and isolating Advanced Persistent Threats (APTs) that might otherwise go undetected by traditional, reactive security technologies.
While many SOCs are struggling to cope with the current security threat workload, more organizations are adopting threat hunting as part of their security operations. They are discovering that proactive threat hunting can reduce the risk and impact of threats while improving defenses against new attacks.
Source:
(1) cyber-security.com
(2) cio.com
(3) Deloitte.com
(4) cybersec4europe.eu
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